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Sales fell 12.3 percent to 2.39 billion francs in the January-September period, the sanitary technology group said on Thursday. Without the negative exchange rate impact of 119 million francs, the organic loss remained slightly more moderate at 7.9 percent.
In the third quarter, the downward trend eased somewhat with an organic decrease of 4.8 percent. In the first half of the year, Geberit shrank by more than 9 percent in local currencies, and when viewed separately, it shrank by over 14 percent in the second half of the year.
Judging by business developments nine months later, the environment was extremely difficult. Sales volumes were significantly lower due to the previous year’s record high period and the declining construction industry in Europe. However, price increases had a positive impact of around 10 percent.
Since Geberit’s various pricing rounds from the previous year have now been able to offset inflation and raw material prices have trended sideways recently, profits have fallen disproportionately compared to sales, which has had a positive impact on the operating margin.
While the operating profit at the EBITDA level decreased by 2.4 percent compared to the previous year to 749 million francs, the relevant margin increased by 3.2 points to 31.3 percent.
At the same time, net profit fell by 4.6 percent to 516 million francs; This was driven by, among other factors, more negative financial results compared to the previous year. Thus, Geberit roughly met analysts’ expectations, although its operating profit was at the upper end of forecasts.
The previous outlook for sales for the full year 2023 was confirmed. Therefore, the company expects a mid-single-digit percentage decline in local currency sales for the full year 2023. However, the forecast for EBITDA margin has been increased slightly. The company currently expects a value of 29 to 30 percent; previously the target was “around 29 percent”. (SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
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